Crypto Weekly (19/02 – 25/02): DeFi is BackBy AZC News | 8 hours agoLet's review all the significUni
Crypto Weekly (19/02 – 25/02): DeFi is Back
Let's review all the significant news from the crypto market last week and highlight the important events set to occur this week together with AZC.News.Crypto Weekly (19/02 – 25/02): DeFi is Back
Summary of last week crypto market
Throughout last week, Bitcoin remained in a sideways trend, fluctuating within the range of 50500 to 52500. This indicates that Bitcoin has not faced any significant reactions in the absence of major news or events affecting its price trajectory.
Following a slowdown in the upward momentum of major cap coins, attention has shifted towards the DeFi sector with a series of significant updates. These include Uniswap proposal to share fees with UNI stakers, Optimism fourth airdrop, and the continuous development of new solutions like EigenLayer retstaking and Ethena novel USDe stablecoin model.
Crypto: Chart BTC
BTC/USD Price Chart as of 1:57 AM on 26/2/2024
Top 10 coins in the top 100 that experienced the highest increase in the past week: AGIX, UNI, WLD, FLR, AR, FET, FIL, THETA, RNDR, GRT.
Top 10 cryptocurrencies with the strongest gains
Source: Coinmarketcap
Top 10 coins in the top 100 that experienced the highest decrease in the past week: STRK, SEI, DYM, HNT, SATS, PYTH, TIA, MINA, INJ, SUI.
Top 10 cryptocurrencies with the sharpest declines
Source: Coinmarketcap
Important News
Coinbase Commerce Removes Bitcoin Payments
$90 Billion USD Flows into Cryptocurrency
Uniswap Foundation will Share Fees with Users
Binance Makes Big Announcement With New Listings
Blueberry DeFi Protocol Temporarily Pauses Lending
Arbitrum Foundation Funds Crypto Film
AMD Announces Partnership with Wormhole
MetaMask Surpasses 30 Million Users in Just 5 Months
Key Highlights for This Week
This week, there will be some important news as follows:
On Wednesday (28/02/2024) at 8:30 PM, there will be the release of the US Gross Domestic Product (GDP) figures. If the figures are higher than expected, it will be positive news for the USD, and vice versa.
On Thursday (29/02/2024) at 8:30 PM, the Initial Jobless Claims data will be released. As usual, if the figures are higher than expected, it will be negative news for the USD, and vice versa.
AZC.News Crypto Weekly is a publication of AZC.News, providing weekly updates on the latest cryptocurrency news. Whether you’re an experienced investor or just starting out, AZC.News offers comprehensive information on market trends, price movements, and significant developments in the cryptocurrency space. Don’t miss out on crucial information that could impact your investment decisions. Stay informed, stay ahead – join AZC.News now!
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By AZC News | Feb 24 2024
Uniswap Foundation has announced a new governance proposal aimed at altering the fee mechanism on the DEX platform, sharing revenue with UNI holders.Uniswap Foundation will Share Fees with Users
On February 23, 2024, the Uniswap Foundation made a surprising announcement regarding the latest governance proposal concerning the protocol’s fee mechanism. According to the proposal, Uniswap could reward delegated or staked UNI holders. If unchanged, a snapshot vote will be conducted on March 1, followed by an on-chain vote on March 8.
This isn’t the first proposal regarding fee sharing for UNI holders. Most recently, in May 2023, Gate Hill proposed fee pool liquidity and rewards for UNI holders, which resulted in a controversial vote as some UNI holders opposed it.
However, unlike previous occasions, the proposal comes from @eek637 – Governance Lead at Uniswap Foundation, suggesting a high likelihood of its approval.
Currently, Uniswap remains the largest decentralized exchange, generating significant fees. Over the past 30 days, Uniswap generated $71.6 million in fees, second only to Lido Finance.
With the aforementioned proposal, the tokenomics of UNI undergoes a significant change. This could also serve as a pioneering move for DeFi projects to adopt similar models.
Many DeFi tokens are experiencing a surge in price following the news of Uniswap’s fee-sharing proposal.
Related: DEX Uniswap Launches Rootstock Deployed on Bitcoin Sidechain
Chart UNI after Uniswap Foundation announcement
Following the news, the price of the UNI token surged nearly 80% to $12.6 – the highest level since January 2022.
Chart UNI after Uniswap Foundation announcement
Chart UNI after Uniswap Foundation announcement
4-hour chart of UNI/USDT pair on Tradingview at 06:35 AM on February 24, 2024.
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own reseaHolders Continue to Sell Bitcoin as Price Hits $51,000
By AZC News | Feb 24 2024
Long-term holders are actively transferring their Bitcoin to exchanges, capitalizing on the price surge beyond the $51,000 threshold.Holders Continue to Sell Bitcoin as Price Hits $51,000
Long-term holders have sent their Bitcoins to exchanges for further selling, ever since the price of Bitcoin surpassed the $51,000 mark. Bitcoin may undergo short-term adjustments, as on-chain data indicates a shift from long-term holders to short-term ones.
Investors in this group had acquired Bitcoin during the 2023 bull market, starting in October, propelling the currency to its highest year-end trading value in months, reaching $42,000. Furthermore, on the same day, the influx of funds into exchanges from Bitcoin holders of 3 to 5 years rapidly rose to 2,123 BTC.
Traces of change of hands from LTH to STH by Exchange Inflow SOAB
Traces of change of hands from LTH to STH by Exchange Inflow SOAB
According to analysts, the majority of these investors acquired their assets during the bull market from 2019 to 2021. Consequently, the recent surge in funds entering exchanges suggests a profit-taking behavior among them.
Examining the Bitcoin price at $48,000 on February 14, 2021, it appears that a portion of investors in the 3 to 5-year bracket may have exited the market at their break-even point. As funds from these investor groups flow into exchanges, it indicates a shift of Bitcoin from long-term to short-term investors.
Related: Bitcoin Battles $51K Resistance Amidst Altcoin Declines
This transition often coincides with a price correction, driven by the tendency of short-term holders, often considered as the “weak hands,” to sell their assets at any sign of negative sentiment. However, compared to previous cycles, the scale of this movement is relatively small.
Out of all BTC holding addresses, 92.23% are classified as “in profit,” meaning they currently hold Bitcoin with a profit. On the flip side, 5%, comprising 2 million addresses, are currently in a loss. These holders bought Bitcoin when the price ranged from $52,000 to $67,000.
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research $90 Billion USD Flows into Cryptocurrency
By AZC News | Feb 25 2024
Projects related to blockchain and cryptocurrency have collectively received $90 billion in investment capital throughout their historical timeline.$90 Billion USD Flows into Cryptocurrency
According to statistics from The Block, the total investment poured into the cryptocurrency industry has surpassed the $90 billion mark, thanks to the resurgence of funds from firms in February 2024.
The Block has been tracking investment activities in the cryptocurrency industry since 2017, categorizing them into various sectors including Web3, infrastructure, DeFi, NFTs, gaming, financial services, trading and brokerage, data and analytics, and enterprise investments.
Since the beginning of 2024, the crypto market has witnessed over 230 investment deals with a surface value of $1.3 billion.
Historical Fundraising Statistics For The Cryptocurrency Industry
Historical Fundraising Statistics For The Cryptocurrency Industry
Historical fundraising statistics for the cryptocurrency industry. Source: The Block (02/21/2024)
The majority of funds raised in the first two months of investment have been directed towards DeFi, infrastructure, NFT/gaming, and Web3 sectors. Notable funds actively participating in investment include Animoca Brands, Polychain Capital, Framework Ventures, and Shima Capital.
However, The Block points out that despite the increase in the number of investments, the value measured in USD still lags behind the peak period in 2021. The majority of fundraising rounds in recent months have raised less than $10 million. Nevertheless, there have been some notable deals such as EigenLayer ($100 million), Oobit ($25 million), Portal ($34 million).
Related: Bitcoin Battles $51K Resistance Amidst Altcoin Declines
Recent assessment by John Dantoni regarding the cryptocurrency market
The recovery of investment activities in recent months, particularly in seed/pre-seed rounds, the increased risk appetite from Asian-origin funds, coupled with growing interest in DeFi and DePin, indicates that VCs are positioning themselves for a new market cycle.
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchOGCommunity:
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